Auto Loans in Hagerstown (MD)

Live in Hagerstown and need a car loan? We can help. Every bank, dealer, and finance company has their own approval standards, so it’s important to find one that matches your needs. Submit your application, and our lenders compete to fund your loan. We match you with one – and only one – dealer or lender, and a finance professional will call to discuss your options as far as interest rate, lender, lending terms, and vehicles available. You will schedule a time to stop by the dealership, sign your agreement, and drive the vehicle you select off the lot. It’s that simple!

Dealers in Hagerstown That Accept Bad Credit

HagerstownSubprime credit? A lot of consumers are struggling with similar issues, whether their credit problems result from missed or late payments, home foreclosure or vehicle repossession, or even bankruptcy. The good news is, we help you find a loan company that suits your needs, even if your history of credit is less than perfect.

There are six main credit tiers in the auto finance industry, and we have companies that accept applicants in each of them. Considering your credit, your rate of interest might be higher, but at least we can get you in the driver’s seat of a new car. There is no minimum credit score for application, though sufficient income ($18,000 per year) and a down payment may be required.

Your interest rate is of the highest priority, of course. It determines how much you will end up paying for the vehicle, and it can mean hundreds of dollars saved or wasted. In order to ensure that you are getting a competitive rate, you need to do two things:

  • Check your credit report for errors. You can pull your credit report once per year, for free, from AnnualCreditReport.com.
  • Check your credit score against average rates. You can view rates based on credit score at FICO’s official site here:  MyFICO.

Let us find you a bad credit car dealer in Hagerstown who can work with your credit – online!

Credit, Income, and Amount Financed

The table that follows shows how much you can borrow, derived from a monthly income of $984, the average in Hagerstown. These amounts are only estimates. You may be eligible for a different amount. Speak with your vehicle finance specialist for more information.

Credit Income Factor Amount Borrowed
Good Credit 10 $9,840
Fair Credit 9 $8,856
Slow Credit 8 $7,872
Bad Credit 7 $6,888
Terrible Credit 6 $4,920

To calculate your own loan amount, multiply how much money you get paid each month by the appropriate income factor.

Zero Down Car Loans in Hagerstown?

Don’t have a down payment? In many instances, this won’t be an issue. That said, providing a down payment gives you substantial advantages:

  • Shortens loan, meaning you pay less in interest.
  • Decreases monthly payment.
  • Minimizes negative equity.

Still, you no longer need a down payment to get pre-approved. Apply online, and leave the down payment field empty. We’ll do our very best to match you with a dealer or lender willing to approve you, zero down payment needed.

Buy Here Pay Here Car Dealers in Hagerstown

For those who have experienced a bankruptcy or foreclosure, you have likely wondered about working with an in house financing car lot in Hagerstown. These dealerships make credit decisions on-site, rather than relying on banks or lenders. They specialize in helping people with issues like bankruptcy or repossession on their record. Unfortunately, they can’t help you improve your credit, since they seldom have relationships with the credit bureaus. We would recommend allowing us to match you with a dealer that arranges bad credit auto loans in Hagerstown that can help you re-establish your credit, and which come with more competitive interest rates and lending terms.

Hagerstown Consumer Profile

Hagerstown has a strong, diversified economy based largely on manufacturing and convenient railway transit. Still, though, consumers in the area have been impacted by industrial decline, as well as the recessionary problems that have plagued the rest of the country as well. Contrary to popular belief, there is more to auto financing than just your FICO score. Creditors review your income, history of employment and residence, and credit profile.

Listed below are average stats for residents of Hagerstown.

  • Average Income: $11,803 Annually
  • Average Monthly Payment: $108 (11% of Income)
  • Suggested Car Payment: $79 to $98 (8%-10% of Income)

Below-average credit. It’s fairly pervasive in Hagerstown and across the state of Maryland. The table below shows the estimated number of Hagerstown residents at each credit tier.

FICO Score % of Population Residents
300-499 2% 1,611
500-549 5% 4,027
550-599 8% 6,444
600-649 12% 9,666
650-699 15% 12,082
700-749 18% 14,499
750-799 27% 21,748
800-850 13% 10,471